0001193125-24-087960.txt : 20240405 0001193125-24-087960.hdr.sgml : 20240405 20240405083048 ACCESSION NUMBER: 0001193125-24-087960 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240405 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240405 DATE AS OF CHANGE: 20240405 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREENBRIER COMPANIES INC CENTRAL INDEX KEY: 0000923120 STANDARD INDUSTRIAL CLASSIFICATION: RAILROAD EQUIPMENT [3743] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 930816972 STATE OF INCORPORATION: OR FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13146 FILM NUMBER: 24824835 BUSINESS ADDRESS: STREET 1: ONE CENTERPOINTE DR STREET 2: STE 200 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 BUSINESS PHONE: 5036847000 MAIL ADDRESS: STREET 1: ONE CENTERPOINTE DR STREET 2: STE 200 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 8-K 1 d785298d8k.htm 8-K 8-K
GREENBRIER COMPANIES INC false 0000923120 0000923120 2024-04-05 2024-04-05

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

Form 8-K

 

 

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 5, 2024

 

 

THE GREENBRIER COMPANIES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Oregon   001-13146   93-0816972
(State of
Incorporation)		  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

One Centerpointe Drive, Suite 200, Lake Oswego, OR 97035

(Address of principal executive offices) (Zip Code)

(503) 684-7000

Registrant’s telephone number, including area code

Former name or former address, if changed since last report: N/A

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading
Symbol(s)

  

Name of each exchange

on which registered

Common Stock without par value   GBX   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 2.02

Results of Operations and Financial Condition

On April 5, 2024, The Greenbrier Companies, Inc. (the “Company”) issued a press release reporting the Company’s financial results for the second fiscal quarter ended February 29, 2024. A copy of the release is furnished herewith as Exhibit 99.1 and is incorporated into this Item 2.02 by reference.

The information contained in this Item 2.02 of this Current Report on Form 8-K, including the exhibit, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

 

Item 9.01

Financial Statements and Exhibits

(d) Exhibits

 

Exhibit
No.		    Description
99.1    Press Release dated April 5, 2024 of The Greenbrier Companies, Inc. reporting the Company’s financial results for the second fiscal quarter ended February 29, 2024.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

    THE GREENBRIER COMPANIES, INC.
Date: April 5, 2024     By:  

/s/ Adrian J. Downes

      Adrian J. Downes
      Senior Vice President, Chief Financial Officer
 EX-99.1 2 d785298dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

News Release       LOGO
One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035 503-684-7000    www.gbrx.com
For release: April 5, 2024 8:30 a.m. EDT    Contact:    Justin Roberts, Investor Relations
      Jack Isselmann, Media Relations
      Ph: 503-684-7000

Greenbrier Reports Second Quarter Results

GAAP EPS of $1.03

New railcar orders of 5,900 units valued at nearly $690 million

Mid-teen gross margin at 14%

Lake Oswego, Oregon, April 5, 2024 – The Greenbrier Companies, Inc. (NYSE: GBX) (“Greenbrier”), a leading international supplier of equipment and services to global freight transportation markets, today reported financial results for its second fiscal quarter ended February 29, 2024.

Second Quarter Highlights

 

  •  

Grew lease fleet by 500 units to 14,600 units with steady lease fleet utilization of nearly 99%.

 

  •  

Obtained new railcar orders for 5,900 units valued at nearly $690 million and delivered 5,600 units, resulting in new railcar backlog of 29,200 units with an estimated value of $3.6 billion.

 

  •  

Net earnings attributable to Greenbrier for the quarter were $33 million, or $1.03 per diluted share, on revenue of $863 million.

 

  •  

EBITDA for the quarter was $95 million, or 11% of revenue.

 

  •  

Retired remaining $48 million of 2024 convertible notes using cash.

 

  •  

Board declared a quarterly dividend of $0.30 per share, payable on May 14, 2024 to shareholders of record as of April 23, 2024 representing Greenbrier’s 40th consecutive quarterly dividend.

“Greenbrier achieved consolidated gross margin in the mid-teens for the second consecutive quarter as strong momentum continued across our business,” said Lorie L. Tekorius, CEO and President. “Greenbrier’s broad product lineup, extensive market relationships, supportive customer experience, and deep commercial origination capabilities combine to create our unique leadership position and enable ongoing success. These factors provide revenue visibility while supporting our profitable leasing business, which is growing through the disciplined investment in our leased railcar fleet and robust lease renewals. We remain pleased with the pace of progress on our strategic goals. As a result, we expect sustained financial performance during periods of healthy market demand and more stable performance at higher levels when markets are less favorable.”

 

- More -

Greenbrier Reports Second Quarter Results (Cont.)         Page 2

 

Business Update & Outlook

Based on current trends and production schedules, Greenbrier is updating guidance for fiscal 2024:

 

  •  

Deliveries of 23,500 – 25,000 units, including approximately 1,400 units in Brazil

 

  •  

Revenue of $3.5 – $3.7 billion

 

  •  

Capital expenditures of approximately $140 million in Manufacturing and $15 million in Maintenance Services

 

  •  

Gross leasing investment of approximately $350 million in Leasing & Management Services, which includes 2024 capital expenditures and transfers of railcars into the lease fleet that were manufactured and subsequently held on the balance sheet in 2023

 

  •  

Proceeds from equipment sales are expected to be approximately $75 million

Financial Summary

 

     Q2 FY24      Q1 FY24    

Sequential Comparison – Main Drivers

Revenue

    $ 862.7M      $ 808.8M     Benefit of product mix in Manufacturing

Gross margin

    $ 122.2M      $ 121.3M     Strong operating performance in Manufacturing and Leasing & Management Services partially offset by lower wheelset volumes in Maintenance Services due to mild winter weather

Gross margin %

      14.2 %       15.0 % 

Selling and administrative expense

    $ 63.6M      $ 56.3M     Primarily attributable to increased employee-related costs including performance-based compensation expense

Earnings from unconsolidated affiliates

    $ 4.0M      $ 1.5M     Higher earnings from Brazil JVs

EBITDA(1)

    $ 95.0M      $ 93.2M     Sustained effective operating performance

Net earnings attributable to Greenbrier

    $ 33.4M      $ 31.2M    

Diluted EPS

    $ 1.03      $ 0.96    

 

(1)

See reconciliation at conclusion of Supplemental Information.

 

- More -

Greenbrier Reports Second Quarter Results (Cont.)         Page 3

 

Segment Summary

 

     Q2 FY24      Q1 FY24     

Sequential Comparison – Main Drivers

Manufacturing

Revenue

    $ 735.8M      $ 675.9M     

Primarily product mix in North America

Gross margin %

      10.8 %       11.1 %     Largely consistent with prior quarter

Earnings from operations

    $ 58.8M      $ 54.3M     

Strong revenue performance

Operating margin % (1)

      8.0 %       8.0 % 

Deliveries (2)

      5,300        5,200     

Maintenance Services

Revenue

    $ 75.2M      $ 83.8M     

Mild winter weather reduced wheelset and component volumes

Gross margin %

      8.0 %       14.6 %    

Lower volumes impacted operating efficiency

Earnings from operations

    $ 4.6M      $ 10.6M  

Operating margin % (1)

      6.1 %       12.6 % 

Leasing & Management Services

Revenue

    $ 51.7M      $ 49.1M     

Growth of lease fleet and benefit from higher lease rates

Gross margin %

      70.8 %       69.5 % 

Earnings from operations

    $ 33.2M      $ 26.3M     

Increased fleet income and gains through continuous lease fleet optimization

Operating margin % (1)

      64.2 %       53.6 % 

Owned fleet (units)

      14,600        14,100     

Maintaining disciplined portfolio construction

Fleet utilization

      98.5 %       98.2 %    

 

(1)

See supplemental segment information in Supplemental Information.

(2)

Excludes Brazil deliveries which are not consolidated into Manufacturing revenue and margins.

Conference Call

Greenbrier will host a teleconference to discuss its second quarter 2024 results. In conjunction with this news release, Greenbrier has posted a supplemental earnings presentation to our website. Teleconference details are as follows:

 

  •  

April 5, 2024

 

  •  

8:00 a.m. Pacific Daylight Time

 

  •  

Phone: 1-888-317-6003 (Toll Free), 1-412-317-6061 (International), Entry Number “3120264”

 

  •  

Real-time Audio Access: (“Newsroom” at http://www.gbrx.com)

 

  •  

Please access the site 10-15 minutes prior to the start time.

About Greenbrier

Greenbrier, headquartered in Lake Oswego, Oregon, is a leading international supplier of equipment and services to global freight transportation markets. Through its wholly-owned subsidiaries and joint ventures, Greenbrier designs, builds and markets freight railcars in North America, Europe and Brazil. We are a leading provider of freight railcar wheel services, parts, maintenance and retrofitting services in North America through our maintenance services business unit. Greenbrier owns a lease fleet of approximately 14,600 railcars that originate primarily from Greenbrier’s manufacturing operations. Greenbrier offers railcar management, regulatory compliance services and leasing services to railroads and other railcar owners in North America. Learn more about Greenbrier at www.gbrx.com.

 

- More -

Greenbrier Reports Second Quarter Results (Cont.)         Page 4

 

THE GREENBRIER COMPANIES, INC.

CONSOLIDATED BALANCE SHEETS

(In millions, unaudited)

 

     February 29,
2024		      November 30,
2023		      August 31,
2023		      May 31,
2023		      February 28,
2023		  

Assets

               

Cash and cash equivalents

    $ 252.0      $ 307.3      $ 281.7      $ 321.4      $ 379.9  

Restricted cash

      20.0        14.0        21.0        20.1        19.7  

Accounts receivable, net

      519.1        458.7        529.9        533.6        571.5  

Income tax receivable

      20.9        10.5        42.2        29.8        22.4  

Inventories

      827.0        883.6        823.6        888.0        910.6  

Leased railcars for syndication

      134.4        159.8        187.4        119.4        102.5  

Equipment on operating leases, net

      1,160.5        1,095.8        1,000.0        941.0        891.8  

Property, plant and equipment, net

      636.1        618.1        619.2        600.4        618.4  

Investment in unconsolidated affiliates

      90.0        89.4        88.7        86.4        83.4  

Intangibles and other assets, net

      255.6        248.9        255.8        253.3        224.0  

Goodwill

      128.0        128.6        128.9        128.3        128.3  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   $  4,043.6      $  4,014.7      $  3,978.4      $  3,921.7      $  3,952.5  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities and Equity

               

Revolving notes

    $ 300.8      $ 279.4      $ 297.1      $ 280.0      $ 310.3  

Accounts payable and accrued liabilities

      649.3        640.9        743.5        741.6        722.6  

Deferred income taxes

      79.7        85.2        114.1        88.3        70.2  

Deferred revenue

      81.5        42.2        46.2        56.6        73.0  

Notes payable, net

      1,421.8        1,479.4        1,311.7        1,320.3        1,327.0  

Contingently redeemable noncontrolling interest

      56.0        56.5        55.6        54.1        27.5  

Total equity – Greenbrier

      1,299.9        1,274.0        1,254.6        1,232.7        1,277.3  

Noncontrolling interest

      154.6        157.1        155.6        148.1        144.6  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total equity

      1,454.5        1,431.1        1,410.2        1,380.8        1,421.9  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   $ 4,043.6      $ 4,014.7      $ 3,978.4      $ 3,921.7      $ 3,952.5  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

- More -

Greenbrier Reports Second Quarter Results (Cont.)         Page 5

 

THE GREENBRIER COMPANIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In millions, except number of shares which are reflected in thousands and per share amounts, unaudited)

 

     Three Months Ended     Six Months Ended  
     February 29,
2024		     February 28,
2023		     February 29,
2024		     February 28,
2023		  

Revenue

         

Manufacturing

    $ 735.8     $ 968.6     $  1,411.7     $  1,615.1  

Maintenance Services

      75.2       98.0       159.0       183.5  

Leasing & Management Services

      51.7       55.4       100.8       89.9  
  

 

 

    

 

 

    

 

 

    

 

 

  
     862.7       1,122.0       1,671.5       1,888.5  

Cost of revenue

         

Manufacturing

      656.2       901.2       1,257.1       1,505.7  

Maintenance Services

      69.2       89.6       140.8       169.2  

Leasing & Management Services

      15.1       14.4       30.1       27.3  
  

 

 

    

 

 

    

 

 

    

 

 

  
     740.5       1,005.2       1,428.0       1,702.2  

Margin

      122.2       116.8       243.5       186.3  

Selling and administrative expense

      63.6       59.0       119.9       112.4  

Net gain on disposition of equipment

      (4.9 )      (9.6 )      (4.8 )      (12.9 ) 

Impairment of long-lived assets

      —        —        —        24.2  
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings from operations

      63.5       67.4       128.4       62.6  

Other costs

         

Interest and foreign exchange

      24.6       21.6       47.8       41.2  
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings before income tax and earnings from unconsolidated affiliates

      38.9       45.8       80.6       21.4  

Income tax expense

      (9.3 )      (11.9 )      (19.3 )      (8.1 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings before earnings from unconsolidated affiliates

      29.6       33.9       61.3       13.3  

Earnings from unconsolidated affiliates

      4.0       2.9       5.5       6.2  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings

      33.6       36.8       66.8       19.5  

Net earnings attributable to noncontrolling interest

      (0.2 )      (3.7 )      (2.2 )      (3.1 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings attributable to Greenbrier

    $ 33.4     $ 33.1     $ 64.6     $ 16.4  
  

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings per common share:

    $ 1.08     $ 1.01     $ 2.08     $ 0.50  

Diluted earnings per common share:

    $ 1.03     $ 0.97     $ 1.99     $ 0.49  

Weighted average common shares:

         

Basic

      31,117       32,588       31,071       32,654  

Diluted

      32,570       34,400       32,676       33,654  

Dividends per common share

    $ 0.30     $ 0.27     $ 0.60     $ 0.54  

 

- More -

Greenbrier Reports Second Quarter Results (Cont.)         Page 6

 

THE GREENBRIER COMPANIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions, unaudited)

 

     Six Months Ended  
     February 29,
2024		     February 28,
2023		  
Cash flows from operating activities     

Net earnings

    $ 66.8     $ 19.5  

Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:

     

Deferred income taxes

      (35.5 )      (33.9 ) 

Depreciation and amortization

      54.3       52.9  

Net gain on disposition of equipment

      (4.8 )      (12.9 ) 

Stock based compensation expense

      8.1       5.9  

Impairment of long-lived assets

      —        24.2  

Noncontrolling interest adjustments

      1.6       2.3  

Other

      2.0       1.9  

Decrease (increase) in assets:

     

Accounts receivable, net

      12.2       (57.8 ) 

Income tax receivable

      21.3       17.4  

Inventories

      (8.4 )      (90.4 ) 

Leased railcars for syndication

      (6.7 )      (40.1 ) 

Other assets

      2.5       (12.8 ) 

Increase (decrease) in liabilities:

     

Accounts payable and accrued liabilities

      (93.8 )      (9.7 ) 

Deferred revenue

      34.8       37.1  
  

 

 

    

 

 

  

Net cash provided by (used in) operating activities

      54.4       (96.4 ) 
  

 

 

    

 

 

  

Cash flows from investing activities

     

Proceeds from sales of assets

      25.9       62.1  

Capital expenditures

      (190.5 )      (169.7 ) 

Investments in and advances to / repayments from unconsolidated affiliates

      —        (3.5 ) 

Cash distribution from unconsolidated affiliates and other

      1.5       5.9  
  

 

 

    

 

 

  

Net cash used in investing activities

      (163.1 )      (105.2 ) 
  

 

 

    

 

 

  

Cash flows from financing activities

     

Net change in revolving notes with maturities of 90 days or less

      28.5       (64.4 ) 

Proceeds from revolving notes with maturities longer than 90 days

      114.5       220.0  

Repayments of revolving notes with maturities longer than 90 days

      (140.2 )      (145.0 ) 

Proceeds from issuance of notes payable

      178.6       75.0  

Repayments of notes payable

      (68.2 )      (18.2 ) 

Debt issuance costs

      (2.9 )      (0.2 ) 

Repurchase of stock

      (1.3 )      (16.7 ) 

Dividends

      (19.7 )      (18.1 ) 

Cash distribution to joint venture partner

      (4.4 )      (6.4 ) 

Tax payments for net share settlement of restricted stock

      (5.2 )      (2.3 ) 
  

 

 

    

 

 

  

Net cash provided by financing activities

      79.7       23.7  
  

 

 

    

 

 

  

Effect of exchange rate changes

      (1.7 )      18.4  

Decrease in cash, cash equivalents and restricted cash

      (30.7 )      (159.5 ) 

Cash and cash equivalents and restricted cash

     

Beginning of period

      302.7       559.1  
  

 

 

    

 

 

  

End of period

    $ 272.0     $ 399.6  
  

 

 

    

 

 

  

Balance Sheet Reconciliation:

     

Cash and cash equivalents

    $ 252.0     $ 379.9  

Restricted cash

      20.0       19.7  
  

 

 

    

 

 

  

Total cash and cash equivalents and restricted cash

    $ 272.0     $ 399.6  
  

 

 

    

 

 

  

 

- More -

Greenbrier Reports Second Quarter Results (Cont.)         Page 7

 

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL LEASING INFORMATION

(In millions, except owned fleet, unaudited)

Greenbrier’s leasing strategy provides an additional “go to market” element to Greenbrier’s Commercial strategy of direct sales, partnerships with operating leasing companies, and origination of leases for syndication partners as well as providing a platform for further growth at scale. Investing in leasing assets also provides a recurring stream of revenue and tax-advantaged cash flows, however in the short-term it reduces Greenbrier’s Manufacturing revenue and margin as a result of deferring revenue recognition.

During the April 2023 Investor Day, Greenbrier provided a long-term target to more than double recurring revenue from leasing and management fees by investing up to $300 million net annually for the next five years. Recurring revenue is defined as Leasing & Management Services revenue excluding the impact of syndication transactions.

Key information for the Leasing & Management Services segment:

 

     Three Months Ended  
Greenbrier Lease Fleet (Units)(1)    February 29,
2024		      November 30,
2023		  

Beginning balance

      14,100        13,400  

Railcars added

      2,400        1,800  

Railcars sold / scrapped

      (1,900 )       (1,100 ) 
  

 

 

     

 

 

  

Ending balance

      14,600         14,100   
  

 

 

     

 

 

  

 

     February 29,
2024		     November 30,
2023		  

Equipment on operating lease(2)

    $  1,160.5     $  1,095.8  
  

 

 

    

 

 

  

Non-recourse warehouse

    $ 89.2     $ 65.1  

ABS non-recourse notes

      479.4       483.3  

Non-recourse term loan

      326.6       329.7  
  

 

 

    

 

 

  

Total Leasing non-recourse debt

    $ 895.2     $ 878.1  
  

 

 

    

 

 

  

Fleet leverage %(3)(4)

      77 %      80 % 

 

(1)

Owned fleet includes Leased railcars for syndication

(2)

Equipment on operating lease assets not securing Leasing non-recourse term loan support the $600 million U.S. revolver

(3)

Total Leasing non-recourse debt / Equipment on operating lease

(4)

Fleet assets are leveraged at Fair Market Value based on independent appraisals while they are shown at net book value on Greenbrier’s Consolidated Balance Sheet

 

- More -

Greenbrier Reports Second Quarter Results (Cont.)         Page 8

 

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL INFORMATION

(In millions, except per share amounts, unaudited)

Operating Results by Quarter for Fiscal 2024 are as follows:

 

     First      Second      Total  

Revenue

         

Manufacturing

    $  675.9      $  735.8      $  1,411.7  

Maintenance Services

      83.8        75.2        159.0  

Leasing & Management Services

      49.1        51.7        100.8  
  

 

 

     

 

 

     

 

 

  
     808.8        862.7        1,671.5  

Cost of revenue

         

Manufacturing

      600.9        656.2        1,257.1  

Maintenance Services

      71.6        69.2        140.8  

Leasing & Management Services

      15.0        15.1        30.1  
  

 

 

     

 

 

     

 

 

  
     687.5        740.5        1,428.0  

Margin

      121.3        122.2        243.5  

Selling and administrative expense

      56.3        63.6        119.9  

Net loss (gain) on disposition of equipment

      0.1        (4.9 )       (4.8 ) 
  

 

 

     

 

 

     

 

 

  

Earnings from operations

      64.9        63.5        128.4  

Other costs

         

Interest and foreign exchange

      23.2        24.6        47.8  
  

 

 

     

 

 

     

 

 

  

Earnings before income tax and earnings from unconsolidated affiliates

      41.7        38.9        80.6  

Income tax expense

      (10.0 )       (9.3 )       (19.3 ) 
  

 

 

     

 

 

     

 

 

  

Earnings before earnings from unconsolidated affiliates

      31.7        29.6        61.3  

Earnings from unconsolidated affiliates

      1.5        4.0        5.5  
  

 

 

     

 

 

     

 

 

  

Net earnings

      33.2        33.6        66.8  

Net earnings attributable to noncontrolling interest

      (2.0 )       (0.2 )       (2.2 ) 
  

 

 

     

 

 

     

 

 

  

Net earnings attributable to Greenbrier

    $ 31.2      $ 33.4      $ 64.6  
  

 

 

     

 

 

     

 

 

  

Basic earnings per common share (1)

    $ 1.00      $ 1.08      $ 2.08  

Diluted earnings per common share (1)

    $ 0.96      $ 1.03      $ 1.99  

Dividends per common share

    $ 0.30      $ 0.30      $ 0.60  

 

(1) 

Quarterly amounts may not total to the year-to-date amount as each period is calculated discretely.

 

- More -

Greenbrier Reports Second Quarter Results (Cont.)         Page 9

 

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL INFORMATION

(In millions, except per share amounts, unaudited)

Operating Results by Quarter for Fiscal 2023 are as follows:

 

     First     Second     Third     Fourth     Total  

Revenue

           

Manufacturing

    $ 646.5     $ 968.6     $ 870.2     $ 872.4     $ 3,357.7  

Maintenance Services

      85.5       98.0       122.9       100.0       406.4  

Leasing & Management Services

      34.5       55.4       45.0       45.0       179.9  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     766.5       1,122.0       1,038.1       1,017.4       3,944.0  

Cost of revenue

           

Manufacturing

      604.5       901.2       786.5       791.2       3,083.4  

Maintenance Services

      79.6       89.6       109.8       85.0       364.0  

Leasing & Management Services

      12.9       14.4       13.7       14.5       55.5  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     697.0       1,005.2       910.0       890.7       3,502.9  

Margin

      69.5       116.8       128.1       126.7       441.1  

Selling and administrative expense

      53.4       59.0       63.3       59.6       235.3  

Net gain on disposition of equipment

      (3.3 )      (9.6 )      (2.3 )      (2.1 )      (17.3 ) 

Asset impairment, disposal, and exit costs, net

      24.2       —        16.4       6.1       46.7  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss) from operations

      (4.8 )      67.4       50.7       63.1       176.4  

Other costs

           

Interest and foreign exchange

      19.6       21.6       22.8       21.4       85.4  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss) before income tax and earnings from unconsolidated affiliates

      (24.4 )      45.8       27.9       41.7       91.0  

Income tax (expense) benefit

      3.8       (11.9 )      (3.6 )      (12.9 )      (24.6 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss) before earnings from unconsolidated affiliates

      (20.6 )      33.9       24.3       28.8       66.4  

Earnings from unconsolidated affiliates

      3.3       2.9       2.4       0.6       9.2  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings (loss)

      (17.3 )      36.8       26.7       29.4       75.6  

Net (earnings) loss attributable to noncontrolling interest

      0.6       (3.7 )      (5.4 )      (4.6 )      (13.1 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings (loss) attributable to Greenbrier

    $ (16.7 )    $ 33.1     $ 21.3     $ 24.8     $ 62.5  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings (loss) per common share (1)

    $ (0.51 )    $ 1.01     $ 0.67     $ 0.80     $ 1.95  

Diluted earnings (loss) per common share (1)

    $ (0.51 )    $ 0.97     $ 0.64     $ 0.77     $ 1.89  

Dividends per common share

    $ 0.27     $ 0.27     $ 0.27     $ 0.30     $ 1.11  

 

(1) 

Quarterly amounts may not total to the year-to-date amount as each period is calculated discretely.

 

- More -

Greenbrier Reports Second Quarter Results (Cont.)         Page 10

 

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL INFORMATION

(In millions, unaudited)

Segment Information

 

Three months ended February 29, 2024:

 

        
     Revenue     Earnings (loss) from operations  
     External      Intersegment     Total     External     Intersegment     Total  

Manufacturing

    $  735.8      $ 61.5     $  797.3     $ 58.8     $ 3.7     $ 62.5  

Maintenance Services

      75.2        9.1       84.3       4.6       —        4.6  

Leasing & Management Services

      51.7        0.3       52.0       33.2       0.1       33.3  

Eliminations

      —         (70.9 )      (70.9 )      —        (3.8 )      (3.8 ) 

Corporate

      —         —        —        (33.1 )      —        (33.1 ) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   $ 862.7      $ —      $ 862.7     $ 63.5     $  —      $ 63.5  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Three months ended November 30, 2023:

 

        
     Revenue     Earnings (loss) from operations  
     External      Intersegment     Total     External     Intersegment     Total  

Manufacturing

    $  675.9      $ 58.5     $  734.4     $ 54.3     $ 4.7     $ 59.0  

Maintenance Services

      83.8        9.2       93.0       10.6       —        10.6  

Leasing & Management Services

      49.1        0.2       49.3       26.3       —        26.3  

Eliminations

      —         (67.9 )      (67.9 )      —        (4.7 )      (4.7 ) 

Corporate

      —         —        —        (26.3 )      —        (26.3 ) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   $ 808.8      $ —      $ 808.8     $ 64.9     $  —      $ 64.9  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     Total assets  
     February 29,
2024		      November 30,
2023		  

Manufacturing

    $  1,814.5      $  1,799.3  

Maintenance Services

      309.5        311.3  

Leasing & Management Services

      1,592.2        1,537.6  

Unallocated, including cash

      327.4        366.5  
  

 

 

     

 

 

  
   $ 4,043.6      $ 4,014.7  
  

 

 

     

 

 

  

BACKLOG AND DELIVERY INFORMATION

(Unaudited)

 

     Three Months
Ended
February 29,
2024		  

Backlog Activity (units) (1)

  

Beginning backlog

      29,700  

Orders received

      5,900  

Production held on the Balance Sheet

      (2,200 ) 

Production sold to third parties

      (4,200 ) 
  

 

 

  

Ending backlog

      29,200  
  

 

 

  

Delivery Information (units) (1)

  

Direct sales

      4,200  

Sale of Leased railcars for syndication

      1,400  
  

 

 

  

Total deliveries

      5,600  
  

 

 

  

 

(1)

Includes Greenbrier-Maxion, our Brazilian railcar manufacturer, which is accounted for under the equity method

 

- More -

Greenbrier Reports Second Quarter Results (Cont.)         Page 11

 

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL INFORMATION

(In millions, unaudited)

Reconciliation of Net earnings to EBITDA

 

     Three Months Ended  
     February 29,
2024		      November 30,
2023		  

Net earnings

    $  33.6      $  33.2  

Interest and foreign exchange

      24.6        23.2  

Income tax expense

      9.3        10.0  

Depreciation and amortization

      27.5        26.8  
  

 

 

     

 

 

  

EBITDA

    $  95.0      $  93.2  
  

 

 

     

 

 

  

Debt Summary

 

     Three Months Ended  
     February 29,
2024		     November 30,
2023		  

Total Leasing non-recourse debt

    $ 895.2     $ 878.1  

Total other debt

      846.0       900.2  
  

 

 

    

 

 

  
     1,741.2         1,778.3  

Debt discount and issuance costs

      (18.6 )      (19.5 ) 
  

 

 

    

 

 

  

Total consolidated debt

    $  1,722.6     $  1,758.8  
  

 

 

    

 

 

  

 

- More -

Greenbrier Reports Second Quarter Results (Cont.)         Page 12

 

Forward-Looking Statements

This press release may contain forward-looking statements, including statements that are not purely statements of historical fact. Greenbrier uses words, and variations of words, such as “approximately,” “are” “backlog,” “believe,” “continue,” “demand,” “drive,” “enhance,” “estimate,” “expect,” “grow,” “momentum,” “ongoing,” “optimistic,” “progress,” “provide,” “position,” “recurring,” “strategy,” “strong” “target,” “will,” and similar expressions to identify forward-looking statements. These forward-looking statements include, without limitation, statements about backlog and other orders, leasing performance, financing, future liquidity, cash flow, tax treatment, and other information regarding future performance and strategies and appear throughout this press release. These forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. Factors that might cause such a difference include, but are not limited to, the following: an economic downturn and economic uncertainty; inflation (including rising energy prices, interest rates, wages and other escalators) and policy reactions thereto (including actions by central banks); disruptions in the supply of materials and components used in the production of our products; the war in Ukraine and related events; and the COVID-19 pandemic, variants thereof, governmental reaction thereto, and related economic disruptions (including, among other factors, operations and supply disruptions and labor shortages). Our backlog of railcar units and other orders not included in backlog are not necessarily indicative of future results of operations. Certain orders in backlog are subject to customary documentation which may not occur. More information on potential factors that could cause our results to differ from our forward-looking statements is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic report on Form 10-K. Except as otherwise required by law, the Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof.

Financial Metric Definitions

EBITDA is not a financial measure under generally accepted accounting principles (GAAP). This metric is a performance measurement tool used by rail supply companies and Greenbrier. You should not consider this metric in isolation or as a substitute for other financial statement data determined in accordance with GAAP. In addition, because this metric is not a measure of financial performance under GAAP and is susceptible to varying calculations, the measure presented may differ from and may not be comparable to similarly titled measures used by other companies.

We define EBITDA as Net earnings before Interest and foreign exchange, Income tax expense, Depreciation and amortization. We believe the presentation of EBITDA provides useful information as it excludes the impact of financing, foreign exchange, income taxes and the accounting effects of capital spending. These items may vary for different companies for reasons unrelated to the overall operating performance of a company’s core business. We believe this assists in comparing our performance across reporting periods.

###

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Document and Entity Information
Apr. 05, 2024
Cover [Abstract]  
Entity Registrant Name GREENBRIER COMPANIES INC
Amendment Flag false
Entity Central Index Key 0000923120
Document Type 8-K
Document Period End Date Apr. 05, 2024
Entity Incorporation State Country Code OR
Entity File Number 001-13146
Entity Tax Identification Number 93-0816972
Entity Address, Address Line One One Centerpointe Drive
Entity Address, Address Line Two Suite 200
Entity Address, City or Town Lake Oswego
Entity Address, State or Province OR
Entity Address, Postal Zip Code 97035
City Area Code (503)
Local Phone Number 684-7000
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock without par value
Trading Symbol GBX
Security Exchange Name NYSE
Entity Emerging Growth Company false
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